POLISH COAL MARKET MIDWEEK SUMMARY 43/2015

In last two weeks there were many comments on the current situation of Kompania Węglowa. Some experts are worried, that soon enough the piggybank will be empty and there won’t be any money for paying the salaries for November. CEO of KW tries to reassure the employees and announced last week that there is still some cash and that the company is working on stabilizing the budget for the Q1 of 2016. Sędzikowski claims that he is negotiating with banks, but probably like always KW will be relying on invisible hand… of politics.

Speaking of which: in probably one of his last statements as a Minister, Andrzej Czerwiński (Head of MSP) declared that TF Silesia will be supported in creating the actual Nowa Kompania Węglowa (since despite announcing a “great success” nothing really has changed in the KW’s structure besides moving the whole company to TFS) by Energa, PGE and PGNiG Termika. Isn’t that the same tale that we’ve being hearing for the whole summer?

Surprisingly for some, restructuring of single mines in a short period is actually possible. In May 2015 Węglokoks bught from Kompania Węglowa two “half-corpses” (as CEO of Węglokoks Jerzy Podsiadło called Bobrek and Piekary mines) and after only three months the both facilities managed to go green: 450,000 PLN in August and 2.4 million PLN in September! Vouloir c’est pouvoir, as the French say.

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